Israel Inflation November 2023

Israel: Inflation declines to lowest level since July in November

Inflation came in at 3.3% in November, down from October’s 3.7%. November’s reading marked the lowest inflation rate since July and was well below market expectations. The decline was driven by moderating price pressures for transportation and communication and education, culture and entertainment. Weaker demand due to the war could have dampened price pressures in November. However, inflation was still slightly above the Bank of Israel’s 1.0–3.0% target range.

Accordingly, the trend pointed down mildly, with annual average inflation coming in at 4.4% in November (October: 4.6%). Meanwhile, core inflation fell to 3.1% in November, from October’s 3.5%.

Lastly, consumer prices fell 0.28% from the previous month in November, contrasting the 0.48% rise logged in October. November’s result marked the weakest reading since May 2020.

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